TUV continues its global expansion programme by increasing its stake in rival conformity assessment company DIN Certco to 80%
TUV Rheinland Group, with a turnover of ?700 million, continues to pursue its global expansion strategy by acquiring an 80% share of DIN Certco by the end of 2004.
A minority of shares will remain in the hands of DIN, the German Institute of Standardisation, provided the monopolies commission approves the deal.
DIN Certco, a Berlin based organisation, has been certifying products and services for more than 30 years, and generated a turnover of three million euro in 2003.
DIN Certco is involved in similar business areas as TUV, providing conformity assessment for a wide range of products, services, companies and personnel.
With this step, a further part of DIN, DIN Certco will join the TUV Rheinland Group, with DIN Gost joining in 1997.
DIN Gost certifies products bound for Russia, and contributes to TUV Rheinland's international approvals services.
Bruno Braun, CEO and president of TUV Rheinland Group, stated, "The potential for synergy is considerably high".
The integration of DIN Certco will further strengthen TUV Rheinland's product portfolio.
DIN Certco will remain at its base in Berlin, and the synergy generated between the merger of the two organisations will be harnessed to take advantage of new business opportunities globally.
"We welcome the commitment of the TUV Rheinland Group, which will provide security for our employees, and bring the benefits of an international network and presence in 50 countries." stated Reinhold Welina of the DIN management board.
